Steady home prices and increased inventory meant expanded options for Houston homebuyers in August, according to the latest Housing Market Update from the Houston Association of REALTORS®.

Active listings inched up 0.5% year over year to 38,947 properties during the month while closed single-family home sales declined 11.5% to 7,100. Given the rate of sales, Houston’s inventory held steady at 5.3 months.

“Balance remains the defining characteristic of Houston’s housing market,” said HAR Chair Theresa Hill. “Buyers have more options and more time to make decisions, while sellers continue to benefit from relatively stable prices. That’s a healthier environment for consumers and a positive sign for the long-term strength of our market.”

The median sales price decreased 1.5% to $330,000 — $5,000 less than last August. Despite an increase in the 30-year fixed mortgage rate, that meant housing affordability improved for Houston households. August marked the 22nd of the last 25 months where affordability improved annually in the metro, compared to 15 months nationally.

Existing single-family home sales

Looking only at existing single-family homes (excluding new construction), sales decreased 5.3% year over year to 5,206, while the average price fell 1% to $433,016 and the median fell 2.9% to $330,000.

Townhomes and condominiums

Among for-sale townhomes and condominiums, sales were flat year over year, with 405 closings in August. The average price decreased 1.5% to $245,692, and the median fell 7.1% to $195,000.